Post originally from Reno Gazette Journal Here
Need pandemic assistance for your small business? Here’s a rundown of several economic relief programs that are available at the federal and local level
Despite the improved numbers for new cases and deaths compared to the peak of the pandemic, COVID-19 continues to have an outsized impact on small businesses.
The passage and signing of the American Rescue Plan Act in March kicked off another round of funding for COVID relief, which includes several assistance programs for small businesses. While this is good news for struggling business owners, many either don’t apply or underestimate the amounts that they qualify for, said Kayla Banda, a business development advisor with the Nevada Small Business Development Center.
Some business owners and independent contractors don’t even know that relief options exist, especially smaller assistance programs run by local and state entities.
“The big thing is that a lot of businesses don’t know that they can qualify for assistance,” Banda said.
“I’ve talked to clients who had no idea that they could actually qualify as a new business, for example. I’ve also had clients who left money on the table when they could’ve gotten more.”
This makes it especially important for small business owners to not just keep tabs on the various assistance programs but also educate themselves about the benefits they qualify for. Business owners should also move quickly as funding will eventually run out, particularly given the high demand for these programs.
Here’s a list of several pandemic assistance programs for businesses, including those that provide financial assistance and forgivable loans for entrepreneurs impacted by COVID-19:
- Paycheck Protection Program (PPP)
- Economic Injury Disaster Loan (EIDL)
- Shuttered Venue Operators Grant (SVOG)
- Restaurant Revitalization Fund (RRF)
- SBA Debt Relief
- Coronavirus Food Assistance Program 2
- COBRA Premium Assistance
- Pandemic assistance from state and local governments
Here is a quick rundown of the various pandemic assistance programs available for businesses.
Paycheck Protection Program
The PPP, which is overseen by the Small Business Administration, is arguably the most widely known pandemic relief program for businesses. It’s designed to incentivize small businesses to keep workers on the job by providing funding for payroll.
The biggest draw of this program is that while it is technically a loan, borrowers can have the amount written off if they apply for forgiveness within 10 months of the last covered period of their agreement. It’s basically free assistance for those who qualify for it.
Read the full article from Reno Gazette Journal Here